Topic: What are some disadvantages of BTC? - page 10. (Read 7897 times)
Bitcoin has some disadvantages. For one, it's not yet accepted in my country. If you are not careful, your wallet might be hacked. one should be careful in their transactions, after all, we're talking about money.
We all know the advantages of BTC, but what are some of the disadvantages??
I know some of the advantages of BTCitcoin. But I guess we all know it. I'm not that worried of the disadvantages. For as long as you know it you know what to do. Like its volatility, you can never tell when its price will drop or go high. But if you know and get used to it. You will find ways to gain even with that price movement. Not that affected of High Fees to make transaction fast. Because if you invest big or trade well with big amount that fee is just a cents. Not yet accepted in other nations, but can make ways. Cash it out first into dollars.
Bitcoin is slow and fee is way too high... hopefully with lightning network this will be solved.
Not many users: The fact is that people, especially those who do not grow as much as Vietnam, are accustomed to using currencies, gold and silver. And they do not know much about electronic money. Along with that many well-known papers have negative posts about this currency (I will explain later) so people are very cautious and have many worries when using bitcoin.
Not many users: The fact is that people, especially those who do not grow as much as Vietnam, are accustomed to using currencies, gold and silver. And they do not know much about electronic money. Along with that many well-known papers have negative posts about this currency (I will explain later) so people are very cautious and have many worries when using bitcoin.
Not many users: The fact is that people, especially those who do not grow as much as Vietnam, are accustomed to using currencies, gold and silver. And they do not know much about electronic money. Along with that many well-known papers have negative posts about this currency (I will explain later) so people are very cautious and have many worries when using bitcoin.
transfer took so long time!
That's what i hate when make transaction.
That's what i hate when make transaction.
The volatility of bitcoins, they are very unpredicatble as the prices can shoot up or fall down and might lead to profit or loss for someone
Bitcoin has been banned in a few countries by the government due to which the number of users from those country have reduced
The limited supply of bitcoins in the market
Bitcoin being decentralized makes it a perfect currency for illegal transactions over the dark web
The transaction time for bitcoin is too long when high amounts are being transferred
The transaction fees have also become expensive which sometimes if not beneficial or economical
Bitcoin has been banned in a few countries by the government due to which the number of users from those country have reduced
The limited supply of bitcoins in the market
Bitcoin being decentralized makes it a perfect currency for illegal transactions over the dark web
The transaction time for bitcoin is too long when high amounts are being transferred
The transaction fees have also become expensive which sometimes if not beneficial or economical
I am 100% agree with you mate that the fee is quite expensive already and thus making the utility side of bitcoin going gone. However, in your some points, I think those are even the strength of bitcoin, namely:
1. the limited supply of bitcoin is indeed one of its edges because if the supply is unlimited, the price could inflate;
2. being decentralized is indeed a good thing because there are no other people from the government and banks that will dictate your money only you does that - and one more thing on that, illegal transactions are done even with fiat money;
3. the amount of bitcoin does not really matter to how long the transaction could go through, it is the amount of transaction fee that matters.
The volatility of bitcoins, they are very unpredicatble as the prices can shoot up or fall down and might lead to profit or loss for someone
Bitcoin has been banned in a few countries by the government due to which the number of users from those country have reduced
The limited supply of bitcoins in the market
Bitcoin being decentralized makes it a perfect currency for illegal transactions over the dark web
The transaction time for bitcoin is too long when high amounts are being transferred
The transaction fees have also become expensive which sometimes if not beneficial or economical
Bitcoin has been banned in a few countries by the government due to which the number of users from those country have reduced
The limited supply of bitcoins in the market
Bitcoin being decentralized makes it a perfect currency for illegal transactions over the dark web
The transaction time for bitcoin is too long when high amounts are being transferred
The transaction fees have also become expensive which sometimes if not beneficial or economical
the main weakness is, bitcoin can not be used anywhere unlike fiat money that can be spent anywhere we want
and the second is internet connection, bitcoin can not be used in places that do not have internet connection
and the second is internet connection, bitcoin can not be used in places that do not have internet connection
in my personal opinion the only bitcoin weaknesses, that bitcoin can not be used for all transactions
because only a few use bitcoin as a transaction tool
because only a few use bitcoin as a transaction tool
Here are some that I can think of on the top of my head:
These are actually the general disadvantages of Bitcoin. I sort of agree with the last opinion. But maybe the term 'bitcoin' had this impact to me because I first heard it from people saying that it was used in the deep web or some sort for buying illegal goods. But I think the term is cool, but most people are still doubting Bitcoin's credibility due to these speculations that had gone through first rather than it's main purpose: to be a digital currency for everyone in the world. - It's volatility in price(currently). Hence holding your funds entirely on bitcoin is a huge risk despite the advantages.
- Very unsafe for careless and technologically-illiterate people. Logging in to a phishing link? Say goodbye to your exchange's funds. Forgot to list down your wallet's seed? Say goodbye to you wallet's funds.
- Unable to operate offline or non-electronically. This is a downside on more on the 3rd world countries, whereas most poor people can't even afford smartphones or any device that can hold bitcoin.
- Not-so-good transaction fees and time. Transaction fees and times are definitely alot better now compared to months ago, but I still remember the days when txs were almost instant, with very very low fees.
- My personal opinion: The name "bitcoin". I personally think it sounds like something a person involved in pyramid schemes and Ponzi scams would use.
The biggest downfall of Bitcoin is that it is operated online. Once you don’t have an internet connection, you wouldn’t be able to do transactions.
Bitcoin payment system is fine,but it takes more time for conformation for the transactions.
Well the community is both an advantage and disadvantage - those that support the coin, but are resistant to change.
The biggest problems facing bitcoin becoming more mainstream and usable are transaction fees and transaction times - there are solutions to address this, but they're resisted.
Therefore bitcoin remains mostly a store of value and a gateway, but can't be a real usable currency.
The biggest problems facing bitcoin becoming more mainstream and usable are transaction fees and transaction times - there are solutions to address this, but they're resisted.
Therefore bitcoin remains mostly a store of value and a gateway, but can't be a real usable currency.
The current drawback of BTC is that the transfer fee is too expensive and transaction time is too slow. If it is really a liquid currency, it should have the conditions of fast transfer and low transaction fees.
Bitcoin has a lot of downsides because Bitcoin has only a limited amount of 21 million coins so its rate is very high. But when trading, the average fee level between the trading floors is always high. And the waiting time for confirmations for each transaction can be up to 2-3 days to be successful. And it can be seen that Bitcoin is dominated by the news as well as large organizations and businesses around the world.ß
Well, there are many weaknesses of bitcoin, most people do not know / do not accept payment in bitcoin is also another big loss is unstable price.
Some of the disadvantage of bitcoin are it is not controlled by anyone. We all know that if something is not controlled by anyone it may disappear in no reason. Also this is the reason why some of the government did not allow bitcoin to be used in their country. We all know that government always want to talk or negotiate to someone if something will used or run in their jurisdiction. Lastly if something in the internet has no control it can be hack or destroyed by the people who are jealous or against it. Now a days hackers are so good that even the secured sites or application is being attacked.
There is always the other side of a coin. Bitcoin has a lot of advantages but still there are disadvantages of bitcoin which is now known and the bitcoin team should try to find away to resolve it. 1. The high cost of transaction, 2. the time to complete transaction is much slow now, 3. Only people that knows bitcoin can transact with it unlike fiat money that is available for every body in the society.
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